Tata Sons to sell $1.2-bn worth TCS shares in Rs 2,872-Rs 2,925 price range

Tata Sons owned 73.5 percent of TCS as of end-December

India's Tata Sons is set to sell on Tuesday a roughly 1.5 percent stake in its flagship Tata Consultancy Services for about $1.25 billion.

Tata Sons, which owned 73.5 percent of TCS as of end-December, is selling TCS shares in a price range of Rs 2,872 to Rs 2,925 each, according to a deal term sheet.

That would be a discount of 4.2 to 5.9 percent to TCS's Monday closing price of Rs 3,052.15.

TCS, the top Indian software services exporter, is the second-most valuable company in the country with a market capitalisation of close to $90 billion.

Citigroup and Morgan Stanley are managing the TCS share sale.

 

($1 = 65.0050 Indian rupees)